Commodity shares profit
In Australia, the S&P ASX 200 rose by 1.1 per cent to 4,917.40 points.
Among the market’s standout performers were several of the big oil and commodity companies, buoyed by a rise in the oil price.
BHP Billiton and Rio Tinto were 6.3 per cent and 2.0 per cent up respectively, while Santos climbed just under 10 per cent.
Stocks of winemaker Treasury Wine Estates also stood out, jumping as much as 12.5 per cent to a record high after the company provided strong full-year profits guidance in a market update.
In South Korea, the benchmark Kospi index followed the region’s trend, gaining 1.8 per cent to 1,873.11 points.

Draghi reassures markets

In London, Paris and Frankfurt, markets closed almost 2.0 per cent higher, while Wall Street finished up as oil prices had their biggest one-day gain this year.

Confidence was also boosted by Mr Draghi, promising more monetary easing to steady the eurozone if necessary.

He said eurozone rates would “stay at present or lower levels for an extended period” and there would be “no limits” to action to reflate the eurozone.

His reassurance helped to offset fears about the low oil price and worries about global growth.

Oil rebound
The oil price recovered during US trading, although it remains at around 12-year lows.

Oil prices have been falling since mid 2014, as oil-producing countries have maintained their high output output levels despite the decline in revenue.

Pointing at the excess supplies on the market, the the International Energy Agency earlier this week warned that oil markets could “drown in oversupply” in 2016.

Many analysts have slashed their 2016 oil price forecasts, with Morgan Stanley analysts saying that “oil in the $20s is possible.”

Economists at the Royal Bank of Scotland say that oil could fall to $16, while Standard Chartered predicts that prices could hit just $10 a barrel.

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